Stocks in Europe rose, U.S. dollar halted three days of losses, Treasury yields also rose in post-Thanksgiving holiday. The Stoxx Europe 600 Index inched higher, led by food companies as China took steps to slash import tariffs on consumer goods.
Earlier, Japanese equities erased losses as the yen declined, while a sudden selloff that sent Chinese equities plunging on Thursday fizzled. Iron ore climbed to a two-month high, while industrial metals headed for the best weekly gain in six, West Texas oil extended a rally after an outage on the Keystone pipeline in the U.S, Bloomberg reported.
Global stocks are heading into the final weeks of 2017 at record highs as investors place their faith in economic growth and an earnings’ expansion. Terminal subscribers can read our Markets Live blog.
In Germany, the single currency gained a fourth days in a row since the collapse of coalition talks triggered its biggest decline in almost a month on Monday.
Meanwhile in the Middle East, Emaar Development PJSC, the U.A.E. real estate developer that began trading in Dubai on Wednesday, fell 4.3 percent, Bloomberg reports. That was the worst debut trading day since 2014 among the 10 biggest initial public offerings in the Middle East and Africa over that time span, Bloomberg data show.
Emaar Development PJSC is owned by Emaar Properties PJSC, a company that’s 30 percent owned by the government of Dubai and the developer of the world’s tallest skyscraper.